Spacetech startup PierSight has raised $6,00,000 in a pre-seed funding round led by All In Capital. The round also saw participation from Techstars accelerator and entrepreneurs and angel investors like Andreas Klinger, Vismay Agrawal, and Nikunj Jalan.
Founded in 2023 by former ISRO employee Gaurav Seth and former National Instruments official Vinit Bansal, PierSight aims to offer ocean surveillance through a constellation of Synthetic Aperture Radar (SAR) Imaging and Automatic Identification System (AIS) satellites. The startup is looking to provide continuous monitoring of maritime operations in 30-minute intervals.
Seth, as per the startup, was instrumental in the launch of Chandrayaan-2.
In a statement, PierSight said the fresh funds will be utilised for advancing its satellite subsystems by strengthening its talent pool and procuring essential electronic components for integration and comprehensive testing.
PierSight claimed it is the sole Indian startup and one of the 12 global startups to get selected for the Techstars Space Accelerator programme. Under this programme, the selection is conducted in partnership with NASA’s Jet Propulsion Laboratory and the United States Space Force.
PierSight said it is currently prioritising the enhancement of its technology readiness level and is also looking to partner social and environmental agencies for solutioning, developing prototypes, and collaboration on studies.
The startup is aiming to launch the world’s first commercial satellite integrating SAR and AIS capabilities in the next two years. This, the startup said, will enable it to monitor maritime activity and offer real-time visibility at sea at intervals of 30-minute.
As per the startup, its services will help shipping, insurance, defence, coastguard, and oil and gas sectors that rely on maritime intelligence
“Our engagements span a diverse spectrum of clients, encompassing island nations, government commerce divisions, and environmental agencies, all of whom share a pressing concern about the pervasive exploitation of Exclusive Economic Zones,” Seth said.
The development comes at a time when the number of spacetech startups in the country are on the rise. The Centre’s efforts to promote the private sector in the segment, along with the recent success of Chandrayaan-3 and launch of ISRO’S sun mission Aditya-L1, has further provided a boost to spacetech startups.
According to Inc42’s Indian Spacetech Startup Landscape & Market Opportunity Report 2023, more than 150 spacetech startups secured $285 Mn+ in funding between 2014 and 2023.
Earlier this month, spacetech startup Manastu secured $3 Mn in its pre-Series A round to help reduce debris in the space by deploying its green propulsion system and debris collision avoidance system.
Before that, SatSure raised $15 Mn to accelerate product innovation and expand its operations across the Americas and Asia-Pacific regions.
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